For the Financial year 201

Assessment Year 2015-

by B.P.CHOUDHARY (TAX CONSULTANT, Directo

Modified Version 9.2 with calculation of surcharge and marginal relief,

from House property for Self Ocupied/Let out with relief of Sect

with brief detail of all the infromations & Rules for the Taxation,Exemption
Calculate your Tax in less than 5 Minutes

This Latest Calculator is like a software on excel, very simple to compu

Once you enter the amount in blank cells. Other cells will calculate data & Tax automatically.
your Income Tax in Calculation sheet & print the Computation sh
Introduction

Automated Tax
Calculator

Informations & Rules

(Tax rates, exemptions/deductions)

Hello-Friends

In 2005 I prepared a Calculator on a Single Excel Sheet as an Auto Tax Calculator to Calculate the tax in minute
I distributed this Calculator to all the staff to understand the Tax Calculation & other aspects.

One of my HR friend had forwarded this calculator to some of his friends in all over India. The Calculator was hig
by many people as well as by CA,CS & also uploaded on various websites.

Every year I prepare new version after every budget and updated with new rules & any requirement of user. With
2006 I have prepared 9 Versions.
This Latest Modified Version for Financial Year 2014-15 is now available to fulfill your requirements.

I tried to make this simple excel calculator as a Software. This tax calculator will help you to calculate the Income
less time & less efforts.

If you find any inconsistency, correction or amendments, please let me know, I will try to f
Please send a detailed e-mail at bpchoudhary@gmail.com
9811302497, 9211125587

Other product prepare by B.P.Choudhary

Automated Form-16, Preparer with Calculator with Annexure1, Form 12 BA (Available
or Any other customised calculator on Excel Sheet

For the Financial year 2014- 15

Assessment Year 2015-16

(TAX CONSULTANT, Director 'e'Accountant Academy - Delhi)

rginal relief,
Let out with relief of Section 80EE

Income

for the Taxation,Exemptions,deduction etc.

an 5 Minutes

excel, very simple to compute the tax

data & Tax automatically.
& print the Computation sheet .

s & Rules
ions/deductions)

Calculate

Income from House Property

tor to Calculate the tax in minutes for filling the ITR.

her aspects.

ver India. The Calculator was highly appreciated and recognize

s & any requirement of user. With my best efforts & knowledge. Since

l your requirements.
help you to calculate the Income Tax and clear any related rule in very

please let me know, I will try to fix it at the earliest.

t bpchoudhary@gmail.com

9211125587

by B.P.Choudhary

nexure1, Form 12 BA (Available in Rs 500/-) only

culator on Excel Sheet

COMPUTATION OF INCOME TAX

01/01/1962

D.O.B :

for the Financial Yr 2014-15, Assessment Yr 2015-16

ASSESSE : INDIVIDUAL

NAME :

PAN :

ADDRESS :

PHONE :
Email id-

1. Gross Annual Income

2. Allowances exempt - u/s 10 & 17

3. Deduction u/s 16 -Tax on Employement/ Entertainment allowance

4. Income under the head salaries

5. Interest received in saving account

6. Any other income from other sources

7. Income from house property

8. Gross Total Income

9. Deduction under chapter VI A

0
0

Deduction under Sec 80CCE

80C - PF & VPF Contribution

80C - Life Insurance premiums

80C - N.S.C (Investment + accrued Int first five year)

80C - Home. Loan (Principal Repayment)

80CCC -Pension Plan

80CCD1 - New Pension Secheme (Employee Contribution)

80CCD2 -New Pension Scheme- Employer Contribution

80CCG -Rajiv Gandhi Equity Scheme

80D - Medical Insurance premiums+Health Check

80G

Donation to approved fund

Section 80DD

Section 80E

80TTA- Interest received in Saving Account

80EE - Addnl Interest benefit on home loan

10. Total Income

Trial Version Expired

11. Total Taxable Income (Round off to nearest 10 rupees)

#VALUE!

12. Tax on Total Income

#VALUE!
0

13. Rebate U/S 87A

14. Total tax after rebate

This was a trial version

15. Surcharge on Total Taxable Income

16. Education Cess & SHEC (2%+1%)

Valid upto 30th sep.'14

17. Total Tax Payable

#VALUE!

18. Tax Deduction at Source

19. Balance Tax

For original version

Payable

click here

Auto Income Tax Calculator

by B.P.Choudhary (Tax Consultant ), Director 'e' Accountant Academy - Delhi

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Auto Income Tax Calculator

by B.P.Choudhary (Tax Consultant ), Director 'e' Accountant Academy - Delhi

Modified Version 9.2 (T) for the Financial year 2014- 15,
INFORMATION
and RULES
ASSESSMENT YEAR
2015-16
.
for(Rates,Deductions,Exemption etc.)
with
brief detail of every rule ( Like a Mini Ready Reconer)
Follow theTax Rules & Informations (where applicable). Following linked ready reaconer is for your reference.
New Tax Rates for Financial-Year 2014-15, Assessment Year 2015-2016
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax
Some Exempted Income ( to be shown while Return filing)
TAX RULES & OTHER USEFUL INFORMATIONS
HRA exemption
Transport allowance
Reimbursement of Medical bills
New as per
u/s(5) LTA is exempt
Budget
2014
u/s 24 Exemption for interest on housing loan.
u/s 80CCE & 80CCD Maximum Exemption
Rajiv Gandhi Equity Savings Scheme
u/s 80D Medical Insurance
u/s 80DD Deduction in respect of medical treatment of handicapped dependents
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases
u/s 80E Interest repayment on education loan
u/s 80G Donations given for certain charities
u/s 80GG If you are not getting HRA, but living in rented house,
u/s 80U If you have a permanent physical disability
New
u/s 80TTA Deduction on interest on saving bank accounts.
KNOW MORE about DEDUCTION under Section 80-C
Qualifying Investments u/s 80CCE
Provident Fund (PF) & Voluntary Provident Fund (VPF)
Life Insurance Premiums & Unit linked Insurance Plan (ULIP)
Public Provident Fund (PPF):
National Savings Certificate (NSC):
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home
Tuition fees for 2 children
Equity Linked Savings Scheme (ELSS)
5-Yr bank fixed deposits (FDs) or 5-Yr post office time deposit (POTD)
Pension Funds or Pension Policies
Stamp Duty and Registration Charges for a home:
Infrastructure Bonds: NABARD rural bonds:
Senior Citizen Savings Scheme 2004 (SCSS)
I M P O R T A N T - A D V I S ES
As per finance Budget 2014

- TAX RATES For Financial Year 2014-15 & Assesment Year 2015-1
For MALE ASSESSE

Net Income Range

Income Tax Rates

Up to Rs.2,50,000

NIL

2,50,001 to Rs. 5,00,000

10% of Total Income (-) Rs.2,50,000

Rs.5,00,001 to Rs. 10,00,000

Rs25,000+20% of Total Income(-)Rs. 5,00,000

More than Rs10.00,000

Rs1,25,0,000+30% of Total Income(-)Rs10,00,000
Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )

For FEMALE ASSESSE

Net Income Range
Up to Rs2,50,000

Income Tax Rates

NIL

Rs250,001 to 5,00,000

10% of Total Income(-) 2,50,000

Rs.5,00,001 to Rs.10,00,000

Rs25,000+20% of Total Income (-) 5,00,000

More than 10.00,000

Rs1,25,000+30% of Total Income(-)10,00,000
Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )

For SENIOR CITIZEN ASSESSE (Above 60 Year ) attaining the age during the year
Net Income Range
Up to Rs 3,00,000

Income Tax Rates

NIL

Rs3,00,001 to 5,00,000

10% of Total Income(-) Rs.3,00,000

Rs5,00,001 to 10,00,000

Rs20,000+20% of Total Income(-)5,00,000

More than 10.00,000

Rs1,20,000+30% of Total Income(-)10,00,000
Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 3,00,001 to Rs. 5,00,000 )

For VERY SENIOR CITIZEN ASSESSE (Above 80 Year ) attaining the age during the year
Net Income Range
Up to Rs.5,00,000
Rs5,00,001 to 10,00,000
More than 10.00,000

Income Tax Rates

NIL
20% of Total Income (-) Rs.10,00,000
Rs1,00,000+30% of Total Income(-)10,00,000

Education Cess is 2% & Secondary and Higher education Cess is 1% of income tax from all Assesse.

Some Exempted Receipts /Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. Medical Reimbursement (Max Rs15000/- Per annum)
Special allowances Exempted u/s 10(14)

2. L.T.A (as per Rule)

1. Uniform Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform to be worn
during performance of Official Duty)
2 Helper Allowance ( granted to meet exependiture
incurred on helper for performance of official duty)
3. Academic Allowance (granted for encouraging academic, research & training pursuits) including Newspaper,
Generals etc.)
4. Children Education Allowance ( Rs100 P.M. per
Child / (Rs300 for Hostel Expenditure) Max of 2 Children)
5.
Convayance
allowance
granted to meet the expenditure incurred on convayance, while performing official duty.
Deduction
available
u/s( -16

1. Entertainment allowance (for Govt Employees) Max Rs5000/2. Professional tax - Professional tax paid by employee is deducted. If employee pays the professional tax on
behalf of employee, It is first added in gross salary as taxable perquisite and thereafter deduction isvprovided
Perquisite not chargable to tax
Free food and beverage ( 1. Food and non-alcoholic beverages provided in working hours in remote area or an
offshore instalation are exempted to tax
2. Tea, coffee or non-alcoholic beverages and snaks in
working hours are tax free perquisites.
Some Exempted Income are ( to be shown while Return filing)
1. Withdrawal / Maturity received from PF,PPF,Insurance Co., Agriculture. (Max up to 5000/- )
2 Long Term Capital Gain From Shares
3 Dividend on shares in companies
4. Interest on Saving Bank & Post Office A/c up to Rs10,000/- ( Sec-80TTE)
Please Note :
(i) Interest earned from all sources is to be included. All interest (including saving Bank A/C (above Rs10,000) (FD)
income is fully taxable.

(II) As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car,
free or concessional education facilities, employee stock option plan, free club membership, company provided
credit
are fully taxable.
T A X card,
R U Lgift
E Svouchers,
& O T H meal
E R coupons,
U S E F U hotel
L I Nstay
F O beyond
R M A T15
I Odays,
N S for
HRA exemption = Least of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
Transport allowance is exempt up to Rs.800/- per month during the month. ( Expenditure incured for covering journey
between office and residence .)
For
people havingofpermanent
physical
disability,
is 1,600/perup
month
Reimbursement
Medical bills
are exempt
forthe
selfexemption
and dependent
family,
to Rs.15,000/- per annum
u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any
destination in India, by the shortest route.
LTA can be claimed twice in a block of 4 calendar years. The current
block
from 01.01.2010
to 31.12.2013.
Foron
claim,
it is must
to provide
originals Residence).
tickets etc. If the loan was taken before Apr
u/s 24isThere
is an Exemption
for interest
housing
loan.(for
Self occupied
1, 1999 exemption is limited to Rs30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited
toRs2,00,000/- per year if the house is self-occupied; There is no limit if the house is rented out
This
is available
accrualenter
basis,
means if/ loss
interest
you can
claim exemption,
of
If youexemption
have rented
out youronhouse,
thewhich
total income
fromhas
theaccrued,
house (after
deducting
property taxirrespective
and standard
maintenance expenses).
u/s 80CCE- Maximum Exemption up to Rs.150000/- Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee
contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post
Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac
can be invested in NSC or PPF etc.
u/s 80CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to
NPS (up to 10 per cent of the salary of the employee in the previous year)shall be excluded while computing the limit of
Rs1,50,000.The contribution by the employee to the NPS will be subject to the limit of Rs1,00,000.
u/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct
equity). Avaialble only for those with gross income less than 12 lacs and only for first time investors in stock market.
Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested. Investments are locked-in for three
years
u/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000,
premium is exempt up to Rs30,000/ per year (Rs.15,000/- for self,spouse and children ) (Rs15000/- for Parents. If the
premium includes for a dependent who is (Senior Citizen) above 60 years of age, an extra Rs5,000//- can be claimed.
u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to 50,000/- per year if the
disability is less than 80% and Rs1,00,000/- per year if the disability is more than 80%
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent
can be claimed up to Rs40,000/- per year. If the person being treated is a senior citizen, the exemption can go up
toRs60,000/-. but any amount received under Medical Insurance Policy will be reduced from the amount of deduction
allowed. The Diseases and ailments specified under rule 11DD are.
(1)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea,
hemiballismus, aphasia and parkisons disease,
(2) cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6)
u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is
completely tax exempt
u/s 80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%,
whereas
funds
are getting
100%. HRA, but living in rented house, an exemption is available. This will be calculated as
u/s 80GGGovt
If you
are not
minimum of (25% of total income or rent paid - 10% of total income or Rs24,000/- per year)
u/s 80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/and in case of severe disability to the extent of Rs. 100,000/u/s 80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs10,000 on your income
from interest on saving bank accounts.

KNOW MORE about DEDUCTION under Section 80-C and chapter VIA
Section 80C of the Income Tax Act allows certain investments and expenditure to be deduct from total
income.
One must plan investments well and spread it out across the
various instruments specified under this section to avail maximum tax benefit. There are no sub-limits and is
irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save
tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in total. so
that one can make best use of the options available for deduction under income tax Act. One important point to
note that one can not only save tax by undertaking the specified investments, but some expenditure which you

Qualifying Investments u/s 80CCE are

Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your
contribution [12% of Basic] (i.e., employees contribution) is counted towards section 80C investments. You also
Life
amountamounts
that youthrough
pay towards
life insurance
premium
Life Insurance
haveInsurance
the option Premiums:
to contributeAny
additional
voluntary
contributions
(VPF).inCurrent
rate of interest is
Corporation (LIC) or any other Insurance CO.for yourself, your spouse or your children can also be included in
Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be
included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies.
Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with
benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they
help us save tax but they also perform well to give decent returns in the long-term.
IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully
Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund
(PPF) is one of the best. Current rate of interest is 8% tax-free and the normal maturity period is 15 years.
Minimum amount of contribution is Rs500 and maximum is Rs1,50,000.(New Change) from Budget 2014
National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument
eligible for section 80C tax benefit. Rate of interest is 8.58% compounded half-yearly, i.e. If you invest Rs.100, it
becomes Rs.150.90 after five years. The interest accrued every year is liable to tax (i.e. to be included in your
Home
Principal
& Stamp
Duty
and
Registration
Charges
forfora section
home Loan
The Equated
taxableLoan
income)
but theRepayment
interest is also
deemed
to be
reinvested
and thus
eligible
80C deduction.
Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components
Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the
interest component can save you significant income tax but that would be under Section 24 of the Income Tax
Act. The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the
documents
of the
can be
claimed
under
section 80C
in the year
purchase
of the house.
Tuition fees
for house
2 children
Apart
formas
thededuction
above major
investments
expenses
for of
childrens
education
(Only
Tution Fee (for which you need receipts)), can be claimed as deductions under Sec 80C.
Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for
offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you
make in ELSS are eligible for deduction under Sec 80C.
5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are
also entitled for section 80C deduction.
5-Yr post office time deposit (POTD) scheme: POTDs are
similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and
five year, only 5-Yr post-office time deposit (POTD) which currently offers 7.5 per cent rate of interest qualifies
for
tax saving
under
section 80C.
Effective
rate works
outThis
to besection
7.71%per
(p.a.)
as the rate
interest is
Pension
Funds
or Pension
Policies
Section
80CCC:
Secannum
80CCC
stipulates
thatofan
investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed
with the limit of Section 80C it means that the total deduction available for 80CCC and 80C is
Rs 1.5
Lakh.This also means that your investment in pension funds upto Rs.1.5 Lakh can be claimed as deduction u/s
Infrastructure
Bonds:
These areearlier,
also popularly
Infrau/s
Bonds.
These
are issued
byexceed
infrastructure
80CCC. However,
as mentioned
the total called
deduction
80C and
80CCC
can not
Rs.1.5 Lakh.
companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C
deductions.
NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and
Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only
Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings
Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior
citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable
quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits wont earn any further
interest. Interest income is chargeable to tax.
I M P O R T A N T - A D V I S ES

Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not
save up to last and face heavy burden in last months. Many of us start looking for investment avenues
only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you
would end up investing your money without putting proper thought to it. And secondly, you would end
up losing the interest / appreciation for the whole year. Instead, decide where you want to make the
investments, and start investing right from the beginning of the financial year from April. so it is
advisable to save from start on monthly basis through Bank ECS as a SAP . This way, you would not
only make informed decisions, but would also earn the interest for the full year from April to March.

Income from house property

FOR SELF OCCUPIED PROPERTY
Housing Loan Sanction date
Value of the residential house Property
Housing loan Sanctioned Amount
Housing Loan Interest paid (Self occupied property)
Interest Rebate u/s 80 EE
FOR LET OUT PROPERTY
Annual Letable value
Unrealised Rent
Municipal Tax Paid
Net Annual value
Repairs and Maintenance (30% of annual value)
Interest paid during the year
Income from house property

01/01/2000
0
0
0
0

0
0
0
0
0
0
0

Auto IncomeTax Calculator Version 9.2(T)

This calculator 9.2(T) is a Trial Version for your Experience up to 30/10/2014.
If you are satisfied with my creation.
For Original Version.
Kindly subscribe with a nominal subscription of Rs. 500/- only
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